{"title":"Putting the Supplier in Housing Supply: An Overview of the Growth and Concentration of Large Homebuilders in the United States (1990–2007)","authors":"Peter Wissoker","doi":"10.1080/10511482.2015.1115418","DOIUrl":null,"url":null,"abstract":"Abstract As housing production was ramping up in the 1990s and 2000s, some of the industry’s largest firms experienced remarkable growth primarily through mergers and acquisitions and the issuance of debt; the market share of the 10 largest firms tripled between 1995 and 2005. This article describes the role of financial firms in encouraging that growth and some of its consequences. Drawing on financial filings, news reports, investor analyses, and other relevant data, this article offers an overview of the relationship between homebuilders and investment firms, as well as a new explanation of the oversupply of housing in the 2000s. In doing so, this article seeks to bring attention to homebuilders as a missing feature in analyses of housing supply and housing markets, and proposes directions for future research.","PeriodicalId":47744,"journal":{"name":"Housing Policy Debate","volume":"26 1","pages":"536 - 562"},"PeriodicalIF":2.9000,"publicationDate":"2016-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10511482.2015.1115418","citationCount":"9","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Housing Policy Debate","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1080/10511482.2015.1115418","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"DEVELOPMENT STUDIES","Score":null,"Total":0}
引用次数: 9
Abstract
Abstract As housing production was ramping up in the 1990s and 2000s, some of the industry’s largest firms experienced remarkable growth primarily through mergers and acquisitions and the issuance of debt; the market share of the 10 largest firms tripled between 1995 and 2005. This article describes the role of financial firms in encouraging that growth and some of its consequences. Drawing on financial filings, news reports, investor analyses, and other relevant data, this article offers an overview of the relationship between homebuilders and investment firms, as well as a new explanation of the oversupply of housing in the 2000s. In doing so, this article seeks to bring attention to homebuilders as a missing feature in analyses of housing supply and housing markets, and proposes directions for future research.
期刊介绍：
Housing Policy Debate provides a venue for original research on U.S. housing policy. Subjects include affordable housing policy, fair housing policy, land use regulations influencing housing affordability, metropolitan development trends, and linkages among housing policy and energy, environmental, and transportation policy. Housing Policy Debate is published quarterly. Most issues feature a Forum section and an Articles section. The Forum, which highlights a current debate, features a central article and responding comments that represent a range of perspectives. All articles in the Forum and Articles sections undergo a double-blind peer review process.
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